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How big is the role of confusion and regulatory uncertainty Playing in banks' willingness to use xRapid?
Banking institutions are not simply using xRapid right now. A post on Twitter from user Steven Diep (@DiepSanh) brought this issue to light with a video by Marjan Delatinne of Ripple's Global Head of Banking since 18 Novemberth, even if his post is dated for this morning.
Referring to the speech, the Twitter user wrote,
"Because of regulatory uncertainty, NO banks are using xRapid now, ONLY payment service providers."
Delatinne explains that xRapid is currently live and "no banking institution is using it because, as you have probably heard, the regulatory framework on the use of digital assets is not very clear to banks, but payment and payment service providers some other financial institutions are less governed by these obligations ".
Like above, banks all over the world must abide by specific regulations and laws established by the jurisdictions. However, until global central banks and governments around the world set something clear and certain for digital resources, xRapid it addresses a destiny that only includes payment service providers, at best, which stifles their progress. These types of suppliers are typically used only in storage. There is still a chance for these banks to establish their own digital currency, which would allow them to execute cross-border transactions in which Ripple is founded.
XRP it is the source of xRapid's liquidity whenever these types of transactions are executed. The use of cryptography makes it easier to reduce the costs that traditional payments of this type could often entail. Transactions are much faster and take up to three minutes. However, it is more likely that the same transaction with SWIFT involving the fiat currency takes about two or three days.
Meanwhile, while banks around the world are working on regulations involving encrypted assets and banks, xRapid is currently offering services to three financial institutions that have accepted their service. Those institutions include Cuallix, Catalyst Corporate Credit Union Union and Mercury FX.
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